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A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Seven of the 11 major S&P 500 sectors climbed, with information technology (.SPLRCT) and consumer discretionary (.SPLRCD) leading gains. Other speakers include voting members such as Federal Reserve Board Governor Lisa Cook, New York Fed President John Williams and Dallas Fed President Lorie Logan. A total of 403 companies in the S&P 500 have reported profits to date in the third quarter, with 81.6% surpassing analyst estimates, per LSEG data. Declining issues outnumbered advancers for a 2.01-to-1 ratio on the NYSE and for a 1.24-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Tesla, Jerome Powell, Lisa Cook, John Williams, Lorie Logan, Jamie Cox, Walt Disney, Erik Carlson, Whitney Wolfe, advancers, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dish, Dow, Nasdaq, Federal, Tesla, Reuters, Traders, Federal Reserve, Lisa Cook , New York Fed, Dallas Fed, Harris Financial, Fed, University of, Dow Jones, Dish Network, NYSE, Thomson Locations: New York City, U.S, Berlin ., Lisa Cook , New

☆ Morning Bid: Rates buzz sustained before Fed loan data
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Ten-year U.S. Treasury yields have fallen about 50bps from October's peaks and the drop last week was the biggest recoil since March. For now, S&P500 futures are pointing to further slight gains on Monday - which if realized on the cash market later would make for the sixth straight gain and the longest daily run since June. Undermined by the retreat in Treasury yields, the dollar (.DXY) slipped back to the lowest since Sept 20. The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell, underscoring, Janet Yellen, Lisa Cook, Huw Pill, Bernadette Organizations: Wall, REUTERS, Federal Reserve, Treasury, U.S, Pacific Rim, South, Ryanair, Europe's, Goodyear Tire &, Aspen, Conterra Energy, Constellation Energy, Diamondback Energy, Vertex Pharmaceuticals, NXP Semiconductors, Bank of England, Reuters, Reuters Graphics Reuters, Thomson Locations: New York, U.S, Gaza, China, Western, San Francisco, South Korean, Asia, Europe, Telesat

☆ Morning Bid: Rate cut prospects fuel stock rally
▼ + stars: | 2023-11-06 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Nov 6 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. It's been an upbeat start to the week in Asia as markets cast aside concerns about rate hikes, and go straight to pricing in early cuts. Futures imply an 80% probability the ECB will begin easing as soon as April, and the first BoE rate cut is almost fully priced for August. An outlier here is the Reserve Bank of Australia (RBA) which might well resume hiking on Tuesday after four months of steady policy outcomes. But expectations were already so low that it's the dollar that has all the downside in the disappointment stakes.

Persons: Wayne Cole, It's, BoE, Ueda, Jerome Powell, Christine Lagarde, Huw Pill, Lisa Cook, Sam Holmes Organizations: Federal, ECB, Bank of Japan, Reserve Bank of Australia, Atlanta, EU, Bank of England, Federal Reserve, Thomson Locations: Wayne, Asia, South Korea, Europe

☆ Fed's Cook says hopes current policy setting is adequate to settle inflation
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Dr. Lisa DeNell Cook, of Michigan, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool/File photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - Federal Reserve Gov. Lisa Cook said she hopes the central bank's current target interest rate is adequate to return inflation to the Fed's 2% target. "But we will continue to be vigilant," to ensure the inflation target is reached. Reporting by Howard SchneiderOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, Howard Schneider Organizations: Governors, Federal Reserve, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, Rights, Duke University, Thomson Locations: Michigan, Washington ,

☆ Futures edge up on rate cut hopes; Fed speakers awaited
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Other speakers include voting members such as Federal Reserve Board Governor Lisa Cook, New York Fed President John Williams and Dallas Fed President Lorie Logan. Walt Disney (DIS.N), Instacart (CART.O) and Biogen (BIIB.O) are among major companies reporting earnings this week. 403 companies in the S&P 500 have reported profits to date in the third quarter, with 81.6% surpassing analyst estimates, per LSEG data. ET, Dow e-minis were up 28 points, or 0.08%, S&P 500 e-minis were up 8.5 points, or 0.19%, and Nasdaq 100 e-minis were up 41.5 points, or 0.27%.

Persons: Brendan McDermid, Mohit Kumar, Jerome Powell, Lisa Cook, John Williams, Lorie Logan, Walt Disney, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Treasury, Jefferies, Federal Reserve, Lisa Cook , New York Fed, Dallas Fed, Tesla, Reuters, University of, Dow e, PDD Holdings, Baidu, Thomson Locations: New York City, U.S, Europe, Lisa Cook , New, Berlin, Beijing

☆ Stocks week ahead: Here’s how America’s economy could begin to weaken
▼ + stars: | 2023-11-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The job market or spending? The spending argument: But there have been instances in which spending weakened before the job market. “I think it starts with the perception of the labor market,” Drew Matus, chief market strategist at MetLife Investment Management, told CNN. The ticket-industry giant said it has sold a record 140 million tickets so far this year, up 17% year-over-year and has already surpassed the 121 million tickets sold in all of 2022. In the third quarter, Ticketmaster sales surged 57% to $833 million and 90 million fee-bearing tickets were sold in the period.

Persons: can’t, ” Shannon Seery, “ It’s, ” Seery, Luke Tilley, ” Tilley, Jerome Powell, ” Drew Matus, ”, Taylor Swift, Parija Kavilanz, Swifties, Taylor, Michael Rapino, Beyoncé, Harry Styles, Bunny, Jonas Brothers, Bruce Springsteen, Lisa Cook, Michael Barr, Jeffrey Schmid, Christopher Waller, John Williams, Lorie Logan, Ralph Lauren, Steve Madden, Phillip Jefferson, Raphael Bostic, Tom Barkin, Christine Lagarde Organizations: CNN Business, Bell, DC CNN, CNN, Employers, Investment Advisors, Companies, National Bureau of Economic Research, CNN Wednesday, Federal, MetLife Investment Management, Ticketmaster, Ryanair, Goodyear, Fed, Reserve Bank of Australia, Uber, Occidental Petroleum, KKR, The Carlyle Group, US Commerce Department, Biogen, Warner Bros, Teva Pharma, The New York Times Company, Armour, SeaWorld, MGM Resorts, China’s National Bureau of Statistics, Sony Group, Astrazeneca, Tapestry, News Corp, US Labor Department, Soho House, National Statistics, European Central Bank, University of Michigan Locations: Washington, Wells, Wilmington, Lyft, Brookfield, Soho

☆ Morning Bid: US growth topping China as megacaps report
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. The combination of high-pressure growth and U.S. crude oil prices back up to their highest in two weeks has re-ignited inflation concerns. And with a 20-year Treasury bond auction also due later in the day, bond markets are back running scared. Two-year Treasury yields hit their highest since 2006 on Tuesday at 5.24% and held most of those gains overnight - while 20-year yields are hovering around 5.2% as well. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Mike Dolan, Joe Biden's, megacaps Tesla, Jerome Powell, China's, Republican Jim Jordan, Morgan Stanley, Kinder Morgan, Elevance, Joe Biden, Christopher Waller, Lisa Cook, Michelle Bowman, John Williams, Patrick Harker, Toby Chopra Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Atlanta, Netflix, Atlanta Fed, Fed, Treasury, Bank of England's, Wall St, Republican, Procter, Gamble, Abbott Laboratories, Northern Trust, Nasdaq, Citizens Financial, US Bancorp, Zions Bancorp, Discover, Lam Research, Alcoa, Steel Dynamics, Federal, New York Fed, Philadelphia Fed, Graphics Retail, Thomson, Reuters Locations: U.S, Gaza, Israel, trepidation, United States, Britain, Wall, Stocks, Asia, Europe, Northern, POPG, Equifax

☆ Israel-Hamas war risks further deglobalization and inflation
▼ + stars: | 2023-10-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —The global economy is facing tremendous uncertainty from the war between Hamas and Israel in the Middle East, on top of the ongoing war between Russia and Ukraine. They say Israel’s declaration of war against Hamas could be yet another catalyst for deglobalization, though the extent of that is still up in the air. If deglobalization does get exacerbated, what would that mean for inflation and monetary policy, globally? With deglobalization, you get a global economic environment that’s less competitive, and when there’s less competition, that is ultimately inflationary, causing prices to rise. Over the Covid era, China shut down production, disrupting the global supply chain, so deglobalization would bring some production back within US borders.

Persons: Wells, Bell, Brendan McKenna, that’s, Trump, there’s, Hanna Ziady, we’ve, ”, Avi Hasson, Patrick Harker, John Williams, Tom Barkin, Michelle Bowman, Tesla, Christopher Waller, Lisa Cook, Jerome Powell, Austan Goolsbee, Michael Barr, Raphael Bostic, Loretta Mester Organizations: CNN Business, Bell, DC CNN, Trump, Hamas, Nation Central, Philadelphia Fed, US Commerce Department, Federal Reserve, National Association of Home Builders, China’s National Bureau of Statistics, Procter & Gamble, United Kingdom’s, National Statistics, American Airlines, US Labor Department, Federal, Fed Locations: Washington, Israel, Russia, Ukraine, China, Wells Fargo, Gaza, deglobalization, United States, Mexico, US, Tel Aviv, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Investors' focus will be on the final gross domestic product (GDP) estimate for the second quarter and weekly jobless claims data - due at 8:30 a.m. ET, as well as remarks by voting members Chicago Fed President Austan Goolsbee and Board Governor Lisa Cook during the day. The scope for interest rates staying higher for longer than anticipated has solidified with soaring energy prices keeping headline inflation elevated. Meme darling GameStop (GME.N) jumped 7.2% after the company named billionaire activist investor Ryan Cohen as its CEO and chairman.

Persons: Brendan McDermid, Ryan Cohen, Jerome Powell's, Powell, Austan Goolsbee, Lisa Cook, Russ Mould, AJ Bell, GameStop, Ankika Biswas, Shashwat Chauhan, Maju Samuel, Sriraj Organizations: New York Stock Exchange, REUTERS, Micron, GameStop, Dow, Nasdaq, Federal, Treasury, Apple, Microsoft, Investors, Chicago Fed, Dow e, Traders, Micron Technology, Thomson Locations: New York City, U.S, Riding

☆ Morning Bid: Oil spike delivers coup de grace to dire Q3
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +5 min

A nighttime view of the Torrance Refinery, an oil refinery operated by PBF Energy, in Torrance, California, U.S., March 10, 2022. The U.S. Treasury completes more than $130 billion of new debt sales this week with another 7-year note auction later on Thursday. But even though the euro bounced back from 2023 lows today, there was better news on the inflation front from Europe. As China's markets headed for the Golden Week holidays next week, stocks there were in the red too - with Hong Kong's Hang Seng (.HSI) hitting its lowest for the year so far. * U.S. Treasury auctions 7-year notes, 4-week bills* U.S. corporate earnings: Nike, Accenture, CarmaxReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsEditing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Mike Dolan, Jerome Powell, it's, Lisa Cook, Austan Goolsbee, Thomas Barkin, Emelia Sithole Organizations: Torrance Refinery, PBF Energy, REUTERS, Federal, U.S, Treasury, U.S . Treasury, Micron Technology, Nvidia, Kansas, Fed, Chicago Fed, Richmond Fed, Nike, Accenture, Carmax Reuters Graphics Reuters, Reuters, Thomson Locations: Torrance, Torrance , California, U.S, Washington, United States, Europe

As the 10-year Treasury yields regained steam, megacap growth stocks including Apple (AAPL.O), Microsoft (MSFT.O), Amazon.com (AMZN.O) and Alphabet (GOOGL.O) shed between 0.4% and 2.2%. Technology (.SPLRCT) led declines amongst major S&P 500 sectors, down 0.7%, while healthcare (.SPXHC) added 0.5%. The S&P 500 and the Nasdaq are on course for their worst monthly performance of the year as Treasury yields hit multi-year highs on uncertainty around interest rates. Advancing issues outnumbered decliners by a 1.34-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and eight new lows, while the Nasdaq recorded 15 new highs and 88 new lows.

Persons: Brendan McDermid, megacaps, Jerome Powell's, Michael Pearce, Pearce, Powell, Lisa Cook, Austan Goolsbee, Ankika Biswas, Shashwat Chauhan, Sriraj Kalluvila, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Nasdaq, Treasury, Federal Reserve, Apple, Microsoft, Technology, Dow Jones, Oxford Economics, Chicago Fed, Traders, Micron Technology, Accenture, NYSE, Thomson Locations: New York City, U.S

☆ Defeating inflation without high unemployment is still unlikely
▼ + stars: | 2023-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

And the US economy’s surprising resilience, despite 11 rate hikes, has raised hopes of a soft landing becoming a reality. “I’ve always thought that the soft landing was a plausible outcome, that there was a path to a soft landing,” he said. But historical records show that a soft landing has only occurred once in the 1990s, or perhaps even a handful of times. The US Commerce Department releases its final estimate of second-quarter gross domestic product. The US Commerce Department releases August data on household income, spending, and the Fed’s preferred inflation gauge.

Persons: it’s, Jerome Powell, Powell, “ I’ve, ”, “, Powell’s, ” “ Jerome Powell, ” Quincy Krosby, Krosby, ” Krosby, Matt Egan, ” Neil Bradley, “ We’ve, Read, Christine Lagarde, Michelle Bowman, Austan Goolsbee, Lisa Cook, John Williams Organizations: CNN Business, Bell, DC CNN, Fed, LPL, CNN, Corporate, US Chamber of Commerce, European Central Bank, Costco, Global, Board, Survey, US Commerce Department, Micron, Nike, US Labor Department, National Association of Realtors, Carnival Corp, University of Michigan, New York Fed, China’s National Bureau of Statistics Locations: Washington

☆ Stocks stall, yields climb on "higher for longer" rate worries
▼ + stars: | 2023-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

U.S. stock futures , , were slightly firmer ahead of the opening bell on Wall Street, signalling a pause after sharp losses on Thursday amid uncertainty over interest rates going into 2024. Benchmark 10-year U.S. Treasury yields hit a 16-year high of 4.508%, later trading at 4.48%, while 30-year yields hit their highest in a dozen years. The Fed revised downwards its unemployment rate forecast for next year, and if the U.S. economic data continued to improve, it would put "upside risk" on interest rates, making the need for a soft landing all the greater, Osman added. Ten-year Japanese government bond futures rallied though cash yields were little changed and near decade highs at 0.745%. Gold firmed 0.3% to $1,925 an ounce despite pressure from the stronger dollar and bond yields.

Persons: what's, Eren Osman, Arbuthnot Latham, Osman, Mary Daly, Neel Kashkari, Susan Collins, Lisa Cook, Craig Ebert, Huw Jones, Tom Westbrook, Edmund Klamann, Kim Coghill, Rashmi Organizations: Bank of Japan, Global, Nasdaq, Treasury, ING, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: Europe, U.S, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "The prospect of rates staying higher for longer has given investors a lingering headache," said Russ Mould, investment director at AJ Bell. "Many had hoped we would approach the end of 2023 with a clearer picture on when rates will start to be cut." ET, Dow e-minis were up 36 points, or 0.1%, S&P 500 e-minis were up 11 points, or 0.25%, and Nasdaq 100 e-minis were up 68.5 points, or 0.46%. Wayfair (W.N) rose 2.6% after Bernstein upgraded the online furniture retailer to "market perform" from "underperform", citing improving revenue growth and margins.

Persons: Brendan McDermid, dampening, Russ Mould, AJ Bell, Neel Kashkari, Lisa Cook, Li Auto, Alibaba, Bernstein, Ankika Biswas, Shristi, Anil D'Silva, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Activision, Microsoft, Dow, Nasdaq, U.S, Treasury, Apple, Nvidia, P Global, PMI, Minneapolis, Detroit, Dow e, PDD Holdings, Baidu, Hong, Thomson Locations: New York City, U.S, Hong Kong, Bengaluru

☆ Morning Bid: Edgy market calm after worst day of 2023
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +5 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. World stocks captured by MSCI's all-country index (.MIWD0000PUS) recorded their worst day of the year so far - dropping 1.69%. The yen fell back again but the dollar/yen rate remained below Thursday's 2023 high of 148.45. The pound hit its lowest level since March and 10-year British gilt yields fell to their lowest level since July. Elsewhere, oil prices nudged higher again on Friday as concerns that a Russian ban on fuel exports could tighten global.

Persons: Sarah Silbiger, Mike Dolan Punch, Rupert Murdoch, Lisa Cook, Susan Collins, Neel Kashkari, Mary Daly Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Bank of Japan, Fed, European Central Bank and Bank of England, Treasury, Sterling, of, Activision Blizzard, Markets Authority, Ubisoft, Cisco Systems, Cisco, Fox Corp, News Corp, JPMorgan, Federal Reserve, Boston, Minneapolis Fed, San Francisco Fed, Reuters Graphics Reuters, Reuters, Thomson Locations: Washington ,, U.S, Australia, Britain, United States, India

☆ Here are three things we're watching in the markets in the week ahead
▼ + stars: | 2023-09-16 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The Softbank-owned chip designer's return to the public markets — the largest initial public offering since 2021 — was the highlight of the week. Those are the three things that we'll be focusing on in the week ahead. While struggling to snap back after Covid, China this week reported better-than-expected industrial output and stronger retail sales, signaling that things may be looking up. The United Auto Workers strike against Detroit's three biggest automakers will continue in the week ahead, barring a labor deal. ET: Fed Governor Lisa Cook is set to deliver the keynote address at the NBER's Economics of Artificial Intelligence Conference in Toronto, Canada.

Persons: —, Morgan Stanley, Wells Fargo, Jerome Powell's, Jim Cramer, it's, Jim Farley, Stanley Black, Decker, Eli Lilly, Jerome Powell, Mills, Lisa Cook, Jim Cramer's, Jim, Brendan McDermid Brendan Mcdermid Organizations: Nasdaq, Dow Jones, Federal, United Auto Workers, automakers, Fed, West Texas, Saudi, Coterra Energy, Natural Resources, Detroit's, UAW, General Motors, Chrysler, Ford, CNBC, Stanley, Housing, Apogee Enterprise, FedEx, KB, Darden, NBER's, Artificial Intelligence, Jim Cramer's Charitable, Traders, New York Stock Exchange, REUTERS Locations: U.S, Covid, China, WTI, Toronto, Canada, New York City

☆ The Fed is expected to hold rates steady next week, but its guidance will be key for investors
▼ + stars: | 2023-09-15 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The Federal Reserve is widely anticipated to hold rates steady in the week ahead, but key for investors will be the central bank's guidance on where it's headed from here. Investors are assessing a mixed batch of economic reports ahead of the Fed's September policy meeting. Meanwhile, August retail sales came in better than expected, jumping 0.6% against a 0.1% increase expected by economists. Housing data released in the week ahead could show whether housing demand remains solid. Week ahead calendar All times ET.

Persons: Bank's Rob Haworth, Jerome Powell, Powell, Hogan, Instacart, Arm's, Mills, Lisa Cook, —, Jeff Cox, Michael Bloom Organizations: Federal Reserve, Dow Jones, Dow, Nasdaq, Investors, PPI, Federal, Riley, FedEx, Housing, Philadelphia Fed, Darden, FactSet, Systems, National Bureau of Economic Research, Artificial Intelligence, PMI, SA, PMI Manufacturing SA, PMI Services SA Locations: NAHB, Toronto, Canada

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell swore in three members of the central bank's governing board Wednesday, including Philip Jefferson as vice chair and Adriana Kugler to fill a vacant seat as the central bank's first Latina governor. As Fed governors, they will vote at the Fed's eight yearly meetings on interest rate policies as well as on changes to financial regulations. Political Cartoons View All 1157 ImagesJefferson, who first joined the board last year, was sworn in as vice chair and will therefore work closely with Powell on interest rate policy. His term as vice chair will end Sept. 7, 2027, though he can remain on the board as a governor until 2036. She was a Marshall scholar at Oxford University and holds a Ph.D. in economics from the University of California, Berkeley.

Persons: Jerome Powell, Philip Jefferson, Adriana Kugler, Joe Biden, aren't, Kugler, Lael Brainard, Obama, Jefferson, Powell, Biden, Lisa Cook, Cook Organizations: WASHINGTON, —, Latina, Georgetown University, Fed, United States ’, World Bank, Labor, Davidson College, University of Virginia, Michigan State University, Harvard University’s Kennedy School of Government, Oxford University, University of California Locations: Georgetown, United States, North Carolina, Marshall, Berkeley

Colombian-born Kugler, whose research has focused on labor markets, is the first Latina to join the Fed Board in its 109-year history. The vote was 53-45, with a few Republicans supporting a nomination that was championed by Democratic Senator Bob Menendez. The Senate on Wednesday also confirmed Fed Governor Philip Jefferson as Fed vice chair and Fed Governor Lisa Cook to a second term. Jefferson's success as vice chair will hinge on his ability to help Powell manage that process. Reporting by Ann Saphir; Editing by Paul Simao and Timothy GardnerOur Standards: The Thomson Reuters Trust Principles.

Persons: Adriana Kugler, Jonathan Ernst, Kugler, Bob Menendez, Menendez, Philip Jefferson, Lisa Cook, Cook, Jerome Powell, Powell, Michael Feroli, Jefferson, she'll, Derek Tang, Tang, Ann Saphir, Paul Simao, Timothy Gardner Organizations: Federal Reserve, of Governors, Capitol, REUTERS, U.S, Senate, Bank, Fed Board, Democratic, Wednesday, Jefferson, JPMorgan, Fed, Thomson Locations: Washington , U.S, Cuban, United States, U.S

Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsSept 6 (Reuters) - A broad bipartisan majority of the U.S. Senate on Wednesday voted to confirm Federal Reserve Governor Philip Jefferson as vice chair of the U.S. central bank. Senators are expected later on Wednesday to also take up the nominations of Fed Governor Lisa Cook to a new 14-year term, and of World Bank economist Adriana Kugler to fill the last open seat at the seven-member Fed Board. Jefferson and Cook joined the Fed in May 2022 and have voted for all of the Fed's rate hikes since then. Reporting by Ann Saphir; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Jefferson, Jonathan Ernst, Lisa Cook, Adriana Kugler, Cook, Ann Saphir, Chizu Organizations: Federal, Capitol, REUTERS, U.S . Senate, World Bank, Fed, Jefferson, Thomson Locations: Washington , U.S, U.S

[1/3] Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. Senators also confirmed Fed Governor Lisa Cook to a fresh 14-year term at the central bank, though they did so in a 51-47 vote that broke along partisan lines. Both Jefferson and Cook have a PhD in economics and became Fed governors in May of 2022 after long careers in academia. The U.S. central bank's vice chair, whose term is four years, also traditionally serves as the Fed chief's go-to official on policy communications, underscoring key messages and clarifying potential misinterpretations. The confirmations of Jefferson, Cook and Kugler would make the board the most diverse in the central bank's more-than-100-year history.

Persons: Philip Jefferson, Jonathan Ernst, Lisa Cook, Cook, Jerome Powell, Powell, John Williams, Adriana Kugler, Jefferson, Kugler, Ann Saphir, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Federal, Capitol, REUTERS, U.S, Senate, Federal Reserve, Senators, Jefferson, New York Fed, World Bank, Fed, Latina, Thomson Locations: Washington , U.S, U.S

Federal Reserve Governor and Vice Chair-designate Philip Jefferson poses for a photograph on the sidelines of the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S., August 25, 2023. REUTERS/Ann Saphir Acquire Licensing RightsWASHINGTON, Sept 5 (Reuters) - The U.S. Senate on Tuesday voted overwhelmingly to clear the way for the confirmation this week of Federal Reserve Governor Philip Jefferson to be vice chair of the U.S. central bank. President Joe Biden has also nominated Fed Governor Lisa Cook to a new 14-year term, and picked World Bank economist Adriana Kugler to fill the last open seat of the seven-member Fed Board. The Senate will vote on Cook and Kugler’s nominations in the next few days, Senator Sherrod Brown said before Jefferson vote. Jefferson and Cook have both voted for every rate hike since they joined the Fed in May 2022.

Persons: Philip Jefferson, Ann Saphir, Jerome Powell, Joe Biden, Lisa Cook, Adriana Kugler, Cook, Sherrod Brown, Jefferson, Chuck Schumer, Richard Cowan, Leslie Adler, Lincoln Organizations: Federal, Governor, Kansas City Federal, REUTERS, Rights, U.S, Senate, Federal Reserve, Jefferson, World Bank, Fed, Committee, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S

☆ Biden's Federal Reserve Board nominees clear key Senate committee
▼ + stars: | 2023-07-12 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Senate Banking Committee approved President Joe Biden's three nominees to the Federal Reserve Board of Governors on Wednesday, teeing up a vote in the full Senate later this year. The committee unanimously approved Philip Jefferson as Biden's nominee for vice chair of the Federal Reserve. Lisa Cook, who Biden has nominated for a full, 14-year term on the Federal Reserve Board, was approved 13-10 by the panel. The third nominee the committee advanced was Adriana Kugler, whom Biden tapped in May to join the Federal Reserve Board of Governors for the first time. Jefferson would be only the second Black person to hold the vice chair position in the history of the Fed board.

Persons: Philip Jefferson, WASHINGTON —, Joe Biden's, teeing, Jefferson, Lael Brainard, Lisa Cook, Biden, Cook, Adriana Kugler, Kugler, South Dakota Republican Sen, Mike Rounds Organizations: Federal, Capitol, WASHINGTON, Federal Reserve, Governors, Fed, National Economic, Federal Reserve Board, South Dakota Republican, World Bank, World Bank Group, U.S, American, Fed's, of Governors Locations: Washington , U.S

☆ Fed nominees stress importance of inflation, job mandates in Senate hearing
▼ + stars: | 2023-06-21 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

Since joining the Fed last year, Cook said she's worked with her colleagues to combat high inflation and if she is confirmed for more time at the Fed, Cook said that's how she will continue to work. Cook attended the hearing with Philip Jefferson, a Fed governor nominated to become vice chair, and Adriana Kugler, the U.S. executive director to the World Bank who has been nominated to fill a governor slot. Kugler is prospectively the first-ever Latina to serve on the Fed in its just over a century long history. "I spent my childhood in Colombia, where in the late 1970s and early 80s inflation was very high, hovering about 25%. The three nominees did not offer any guidance about what they think the Fed should do with monetary policy beyond affirming the importance of bringing inflation back to the 2% target.

Persons: Philip Jefferson, Lisa Cook, Adriana Kugler, Read, Cook, she's, Vance, Kugler, Jefferson, Tim Scott, Michael S, Andrea Ricci Organizations: Federal, Federal Reserve, Capitol, U.S, Banking Committee, Fed, World Bank, Republican, South Carolina Republican, Thomson Locations: Washington , U.S, Ohio, Colombia

[1/2] The U.S. Capitol dome is seen from the Russell Senate Office Building on Capitol Hill in Washington, U.S., April 19, 2023. Despite the consensus on lowering inflation, the Fed is also reaching a point where opinions about the need for and timing of additional interest rate increases may start to diverge. In large part that job has fallen to the Fed, but it is a central bank of Biden's making. If the current crop of nominees is approved five of seven board members would be Biden appointees. The Fed under Powell has raised interest rates faster than at any time since former Fed Chair Paul Volcker's inflation fights of the 1970s and 1980s.

Persons: Sarah Silbiger WASHINGTON, Jerome Powell, haven't, Democrat Joe Biden, Donald Trump, Philip Jefferson, Lisa Cook, Adriana Kugler, Powell, Biden, Preston Mui, Mui, Paul, Howard Schneider, Jason Lange, Dan Burns, Andrea Ricci Organizations: U.S, Russell Senate, REUTERS, . Federal, Democrat, Republican, Federal, of Governors, World Bank, Fed, Financial, America, Reuters, Biden, Trump, Black Americans, Thomson Locations: Russell, Washington , U.S, U.S, Biden's

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